This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 32 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 32 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The fact that you can buy shares in AT&T and Target makes them A) Sole proprietorship. B) A cartel. C) A partnership. D) A corporation. Show Answer Correct Answer: D) A corporation. 2. The purpose of both deregulation and antitrust laws is to A) Promote competition. B) Promote inefficient commerce. C) Government control. D) Prevent monopolies. Show Answer Correct Answer: A) Promote competition. 3. If a firm enjoys economies of scale, A) Its profits will increase as production increases. B) Its profits will decrease as production increases. C) It is in perfect competition. D) Costs will rise as production goes up. Show Answer Correct Answer: A) Its profits will increase as production increases. 4. Which Market Structure has one seller and owns the market? A) Pure Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 5. A market that only features one seller of a product is A) A monopoly. B) Perfectly competative. C) An oligopoly. D) In monopolistic competition. Show Answer Correct Answer: A) A monopoly. 6. Which of these is NOT one of the conditions of PURE COMPETITION A) Easy market entry and exit. B) Many buyers and sellers. C) Informed sellers and buyers. D) Differentiated products. Show Answer Correct Answer: D) Differentiated products. 7. The American industry that comes closest to its agriculture before 1930 A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Pure Monopoly. Show Answer Correct Answer: A) Perfect Competition. 8. What type of market structure has no barriers to entry, and products are identical? A) Monopoly. B) Oligopoly. C) Perfect Competition. D) Monopolistic competition. Show Answer Correct Answer: C) Perfect Competition. 9. What type of economic system does the United States use? A) Traditional Market. B) Free Enterprise. C) Command Market. D) Socialist Enterprise. Show Answer Correct Answer: B) Free Enterprise. 10. Can price control by the government reduce the exploitation of monopolists? A) Yes. B) No. Show Answer Correct Answer: A) Yes. 11. Oligopoly is characterized by A) Many firms.Easy entry.Example-food industry. B) Few firms.Impeded entry.Example-oil companies, car manufacturers. Show Answer Correct Answer: B) Few firms.Impeded entry.Example-oil companies, car manufacturers. 12. Which first electrical item did Thomas Edison invent? A) Telephone. B) Television. C) Lightbulb. D) Toaster. Show Answer Correct Answer: C) Lightbulb. 13. Why are monopolies bad? A) Control Pricing. B) Controls Who makes it. C) Both. D) Neither. Show Answer Correct Answer: A) Control Pricing. 14. The causes of market failure include: A) Increased competition, inadequate competition, and resource immobility. B) Inadequate competition, inadequate information, and externalities. C) Inadequate competition, inadequate information, and resource mobility. D) Increased competition, inadequate information, and externalities. Show Answer Correct Answer: B) Inadequate competition, inadequate information, and externalities. 15. What are the characteristics of perfect competition? A) Small number of buyers and sellers, homogeneous products, perfect information, restricted entry and exit, no control over prices. B) Large number of buyers and sellers, differentiated products, imperfect information, free entry and exit, control over prices. C) Large number of buyers and sellers, homogeneous products, perfect information, free entry and exit, no control over prices. D) Small number of buyers and sellers, differentiated products, imperfect information, restricted entry and exit, control over prices. Show Answer Correct Answer: C) Large number of buyers and sellers, homogeneous products, perfect information, free entry and exit, no control over prices. 16. Which market structure best describes the Tucson casino market? A) Oligopoly. B) Geographic monopoly. C) Perfect competition. D) Monopolistic competition. Show Answer Correct Answer: A) Oligopoly. 17. Which of the following is the best definition of the word "marginal?" A) Additional. B) Abstract. C) Econometric. D) Complicated. Show Answer Correct Answer: A) Additional. 18. Which type of market structures has few producers(companies) such as 2 or 3 and they have complete control over the price? Hint:think of the soda market A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: C) Oligopoly. 19. Which of the following industries is NOT an example of an oligopoly? A) Bicycle repair. B) Cola. C) Air travel. D) Breakfast cereals. Show Answer Correct Answer: A) Bicycle repair. 20. The difference between a market and an industry is that A) Industries consist of markets producing the same good while markets consist of firms producing substitute goods. B) Industries consist of firms producing the same good while markets consist of industries producing substitute goods. C) Industries are collections of markets while markets are collections of firms. D) Firms make up a market while markets make up an industry. E) Industries are substitutes for markets, but markets are not substitutes for industry. Show Answer Correct Answer: B) Industries consist of firms producing the same good while markets consist of industries producing substitute goods. ← PreviousNext →Related QuizzesMarket Dynamics QuizzesEconomics QuizzesMarket Structures Quiz 1Market Structures Quiz 2Market Structures Quiz 3Market Structures Quiz 4Market Structures Quiz 5Market Structures Quiz 6Market Structures Quiz 7Market Structures Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books